EOS price rallied recently after it broke the $2.00-2.20 resistance against the US Dollar. Buyers seem to be back and there could be more gains above $3.00 and $3.05.
Key Talking Points
- EOS price surged higher and broke the $2.00, $2.50 and $2.55 resistances (Data feed of Kraken) against the US Dollar.
- There was a break above a key bearish trend line with resistance at $2.00 on the 4-hours chart of the EOS/USD pair.
- The pair is currently trading below the $2.75 resistance, but it could climb above $3.00.
EOS Price Analysis
After trading as low as $1.54, EOS price started a fresh upward move against the US Dollar. The EOS/USD pair surged higher and broke the $2.00 and $2.20 resistance levels.
The chart above indicates that EOS price gained solid pace above the $2.20 resistance and the 100 simple moving average (4-hours). It climbed above the $2.50 and $2.55 resistance levels to move into a positive zone.
Besides, there was a break above the 23.6% Fib retracement level of the last slide from the $4.62 high to $1.54 low. More importantly, there was a break above a key bearish trend line with resistance at $2.00 on the same chart.
At the moment, the price is consolidating above the $2.50 level and it is facing a solid resistance near the $2.75 level, which was a support earlier. Above the $2.75 resistance, the price could rally above the $3.00 barrier.
The next resistance is $3.05 and the 50% Fib retracement level of the last slide from the $4.62 high to $1.54 low. In the short term, there could be a downside correction, but the $2.40 level could stop losses.
Below $2.40, the previous resistance at $2.10 and the 100 simple moving average (4-hours) are likely to act as a strong support. Overall, EOS price moved into a solid bullish zone and it may continue to climb towards the $3.00 and $3.05 resistance levels. The key supports are $2.40, $2.20 and $2.10.
The market data is provided by TradingView.
